Market Commentary Quick Review News Details

Indices end in red as rupee hits record low; volatility rises

(05-May-26   15:51)

Domestic equity benchmarks ended with modest losses on Tuesday, as sentiment was hit by the rupee weakening to a record low of Rs 95.44 against the US dollar, while the weekly expiry of Nifty derivatives added to market volatility. Escalating US'Iran tensions further dampened investor confidence, erasing recent optimism following state election results and mirroring weakness in global markets. Ongoing quarterly earnings announcements also kept investors cautious. Going ahead, market participants will closely monitor crude oil prices, FII activity, and corporate results for further cues.

The Nifty settled below the 24,050 mark. Realty, consumer durables and private bank shares declined, while FMCG, auto and pharma shares edged higher.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 251.61 points or 0.33% to 77,017.79. The Nifty 50 index lost 86.50 points or 0.36% to 24,032.80.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.15% and the BSE 250 SmallCap Index added 0.20%.

The market breadth was negative. On the BSE, 2,005 shares rose and 2,171 shares fell. A total of 186 shares were unchanged.

IPO Update:

The initial public offering (IPO) of Onemi Technology Solutions was subscribed 4.02 times as of 15:15 IST on Tuesday, 05 May 2026, according to stock exchange data. The issue received bids for 16,00,08,225 shares against 3,97,62,250 shares on offer.

The IPO opened for subscription on 30 April 2026 and is set to close on 05 May 2026. The price band of the IPO is fixed between Rs 162 and 171 per share.

Buzzing Index:

The Nifty Realty index dropped 1.41% to 801.25. The index jumped 2.41% in the past trading session.

Godrej Properties (down 4.73%), Lodha Developers (down 1.87%), Prestige Estates Projects (down 1.59%), DLF (down 1.48%), Oberoi Realty (down 1.46%), Aditya Birla Real Estate (down 0.74%) and Sobha (down 0.24%) declined.

On the other hand, Anant Raj (up 2.18%), Brigade Enterprises (up 0.43%) and Phoenix Mills (up 0.36%) edged higher.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) rallied 3.36% after its standalone net profit jumped 53.34% to Rs 3,737.27 crore in Q4 FY26 as against Rs 2,437.14 crore reported in Q4 FY25. Total income increased by 25.29% year on year to Rs 40,244.81 crore in the quarter ended 31 March 2026.

HFCL rallied 2.42% after the company announced that it has secured purchase orders worth approximately Rs 84.23 crore for the supply of optical fiber cables.

SNL Bearings advanced 3.11%. The company reported an 8.21% year-on-year (YoY) decline in standalone net profit to Rs 2.57 crore for Q4 FY26, compared with Rs 2.80 crore in the corresponding quarter last year. However, revenue from operations rose 10.20% YoY to Rs 15.22 crore during the quarter.

Punjab Chemicals & Crop Protection shed 0.74%. The company has reported 55.8% jump in consolidated net profit to Rs 11 crore on a 3.1% rise in revenue to Rs 208.6 crore in Q4 FY26 as compared with Q4 FY25.

Organic Recycling Systems added 1.26% after the company announced a strategic collaboration to expand its sustainability services portfolio. The company has entered into a partnership with General Carbon Advisory Services to strengthen its offerings in carbon management and compliance, with a focus on Carbon Border Adjustment Mechanism (CBAM) advisory. The collaboration aims to support organisations in areas such as emissions reporting, carbon accounting and sustainability compliance.

Wockhardt surged 7.33% after the company reported a sharp turnaround in quarterly earnings, aided by strong growth in key geographies. On a consolidated basis, the company reported a net profit of Rs 164 crore in Q4 FY26, reversing a loss of Rs 45 crore in the year-ago period. PAT surged 168.85% QoQ from Rs 61 crore in Q3 FY26. Revenue from operations rose 29.87% YoY to Rs 965 crore in Q4 FY26, while increasing 8.67% QoQ from Rs 888 crore.

Tata Technologies gained 4.98% after the company's consolidated net profit surged over thirty times to Rs 204.17 crore in Q4 FY26, compared with Rs 6.64 crore in Q3 FY26. Revenue from operations jumped 15.12% QoQ to Rs 1,572.22 crore in Q4 FY26.

Quess Corp jumped 6.17% after the company reported a consolidated net profit of Rs 64.35 crore in Q4 FY26 compared with a net loss of Rs 95.45 crore in Q4 FY25. Revenue from operations increased 6.46% YoY to Rs 3,892.45 crore in Q4 FY26.

Desco Infratech hit an upper circuit of 5% after its consolidated net profit rallied 75.34% to Rs 10.17 crore in Q4 FY26 as compared with Rs 5.80 crore in Q4 FY25. Revenue from operations surged 108.01% to Rs 76.57 crore in Q4 FY26 versus Rs 36.81 crore in Q4 FY25.

Tata Chemicals shed 0.43%. The company's consolidated net loss widened to Rs 2,132 crore in Q4 FY26 comapred with net loss of Rs 74 crore in Q4 FY25. Revenue from operations slipped 2.02% YoY to Rs 3,438 crore, driven by lower realization (mainly due to lower exports from US), offset by higher volumes in India.

Jindal Stainless added 0.05%. The company reported 3.61% decline in standalone net profit to Rs 891.57 crore despite a 0.38% rise in revenue from operations to Rs 10,826.47 crore in Q4 FY26 over Q4 FY25.

Computer Age Management Services (CAMS) surged 9.13% after the company's consolidated net profit surged 10.88% to Rs 126.43 crore on 11% increase in revenue from operations to Rs 395.22 crore in Q4 FY26 over Q4 FY25.

Aarti Industries dropped 4.96%. The company reported a 3% jump in consolidated net profit to Rs 137 crore despite 2.81% fall in revenue from operations to Rs 2422 crore in Q4 FY26 over Q3 FY26.

Sobha rose 0.28%. The company reported a 124.8% surge in consolidated net profit to Rs 91.84 crore on a 60.2% rise in revenue from operations to Rs 1,987.84 crore in Q4 FY26 over Q4 FY25. Sales value stood at Rs 2,039 crore in Q4 FY26, registering a growth of 30% YoY.

Shanthi Gears slipped 4.53% after reporting a 27.56% decline in net profit to Rs 16.27 crore on an 11.82% fall in revenue from operations to Rs 135.10 crore in Q4 FY26 over Q4 FY25.

Raymond fell 5.17% after the company's consolidated net profit declined 91.32% to Rs 11.93 crore despite an 8.15% rise in revenue from operations to Rs 602.91 crore in Q4 FY26 over Q4 FY25.

Punjab National Bank shed 0.74%. The company has reported 14.4% rise in net profit to Rs 5,225 crore despite a 1.1% fall in total income to Rs 36,319 crore in Q4 FY26 as compared with Q4 FY25.

Global Markets:

Most European markets advanced as investors digested the latest developments in the Iran war.

Asian market ended mixed on Tuesday as risk appetite was battered by heightened tensions in the Strait of Hormuz. Markets in Japan, China, and South Korea were closed, keeping regional trading volumes dull.

Investor sentiment nosedived after Iran launched strikes in response to a U.S. operation to reopen the Strait of Hormuz.

The development threatened to upset an already tenuous ceasefire between the U.S. and Iran, although separate comments from Iranian officials indicated that talks between both sides were still progressing.

Overnight on Wall Street, stocks fell on Monday as the latest developments in the Middle East sent oil prices higher, sparking further worries about instability in the region.

The Dow Jones Industrial Average shed 557.37 points, or 1.13%, closing at 48,941.90. The S&P 500 slid 0.41% to end at 7,200.75, while the Nasdaq Composite lost 0.19% to settle at 25,067.80.

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